A breakdown of the $110 million plan by Logical Buildings and Keyframe Capital to install smart thermostats in thousands of NYC apartments. This will help overcome the "split incentive" problem where tenants benefit from efficiency upgrades but owners pay for them. The thermostats will form a virtual power plant to reduce energy use and shift demand to lower carbon times. This can earn significant payments from the utility while cutting costs for tenants and owners. The investment aims to decarbonize multifamily buildings required to meet NYC's climate law and represents a growing type of infrastructure funding targeting the split incentive challenge in a scalable way.